Rivian Automotive Inc (NASDAQ:RIVN) has introduced a leasing option for its R1T electric pickup truck, it said Monday.
The option is available to customers in select US states, including California, New York, Florida, and Texas.
The move strategically precedes the launch of Tesla's Cybertruck, a direct competitor to the R1T.
Customers choosing the leasing option also benefit from the $7,500 federal tax credit for electric vehicle purchases, potentially boosting demand for Rivian's offering.
Despite challenges posed by high interest rates affecting overall EV demand, Rivian recently increased its production forecast for the year to 54,000 units, citing sustained strong demand.
The Rivian R1T is an all-electric pickup truck produced by Rivian Automotive, known for its electric powertrain, off-road capabilities, and unique design features such as a central "gear tunnel" for extra storage. With different battery configurations available, the R1T represents Rivian's foray into the electric vehicle market, emphasizing sustainability and high-performance characteristics.
Rivian's shares were up 1.2% by Monday’s close.